When buying a property, it’s crucial that you do your research and that includes looking at as many properties within your price range as possible.
You need to be educated about values, the tactics of various agents, the types of properties and campaigns that are likely to go crazy.
As a general guide, REBAA recommends the following tips for fine-tuning the property search:
- Put together a wish list – Too often buyers randomly go and inspect property with little thought in mind of their future needs. Before you start inspecting property, put together a wish list of needs and consult the list regularly while you evaluate properties. Consider issues like neighbourhood, transportation, schools, architectural styles and land size.
- Choose your top 3 suburbs – By narrowing your search down to your top 3 suburbs, it is more realistic to be able to properly research the market. If you choose more than three suburbs, you are unlikely to be able to gauge market value and risk overpaying.
- Inspect 100 comparable properties – In order to properly understand the market in your preferred suburb, it is recommended that you inspect 100 comparable properties. Obviously, this is time consuming. Enlisting the services of a professional buyer’s agent is the most effective way to save time in the property search. You can also research comparable properties via the internet through property listing websites. There are also numerous property sales data reports available to supplement your research.
- Create an agent contact list – Once you have identified your top three suburbs, your next step is to put together a comprehensive database of every selling agent in those preferred areas.
- Contact the selling agents – Once you have put together the database of selling agents, you then need to contact them and let them know you are interested in buying a property in their area. Sometimes you may be lucky to find a property that has not yet been listed, giving you an advantage over your competitors.
- Create a shortlist – Once the research has been completed, you need to put together a shortlist of three or four properties and focus carefully on these.
- Arrange inspections – Multiple inspections may be needed to determine which property is preferred. Make sure all the appropriate building and pest inspections are conducted if the property is going to auction. Take a camera and photograph internal and external features of the house to help you remember your inspection. Always take a brochure from the selling agent as well.
- Get a floor plan with measurements – Make sure the floorplan is practical and functional. A good floorplan allows an efficient flow of traffic and makes the most of light and aspect. Changing an existing floorplan can be costly